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OFFICIAL RULES
2011-2012
CFA INSTITUTE RESEARCH CHALLENGE
OFFICIAL RULES
INDEX
RULE 1: INTRODUCTION
RULE 2: TEAMS
2.1 Team Composition
2.2 Team Member Requirements
2.3 Ineligibility
2.4 Research
2.5 Written Reports
2.6 Presentations
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RULE 1: INTRODUCTION
The CFA Institute Research Challenge is a competition between university-sponsored Teams that
research a designated publicly traded company, prepare a Written Report on that select company and
then present their findings to a panel of Judges. The competition has three levels: Local, Regional, and
Global. Winners at the Local level advance to compete against Teams within their geographic region at
the Regional level. Winning Teams at the Regional level advance to compete at the Global level. One
Team is designated the ultimate winning Team at the Global level.
RULE 2: TEAMS
Teams that are selected to participate at the Regional and Global levels must consist of the same Team
Members who participated at the Local level, except to the extent that if a Team Member is unable to
participate in the Regional or Global levels, the Team may still compete as long as they have no fewer
than 3 members.
a) sign and submit the Participation Agreement to the Local level Host no later than the date of
the Local level Kick-Off Meeting;
b) agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct;
c) be a currently enrolled college or university student in an undergraduate or graduate program
at the time of the Local level Kick-Off Meeting. If the Team Member has graduated at the time
of the Local, Regional or Global final, the Team Member may still participate in the competition;
d) complete official registration on the CFA Institute Research Challenge website no later than 4
weeks prior to the submission of the written report; and
e) complete the Ethical Standard for Investment Professionals: An Interactive Case-Based
Course interactive webcast on the CFA Institute website.
2.3 Ineligibility
An individual is ineligible to be a Team Member, if that individual:
a) has previously participated as a Team Member in the Challenge;
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b) has, or is, employed in a role whose primary duty involves fundamental company analysis,
unless the Team Member was an intern and the cumulative time the primary duty involved
fundamental company analysis was less than 6 months (at the time of the local final);
c) has been, or is, a CFA charterholder; or
d) has been sanctioned by the CFA Institute Professional Conduct Program.
2.4 Research
Only Team Members may conduct research on the Subject Company for the purposes of the CFA
Institute Research Challenge. Teams may use only publicly available information in conducting their
research. Teams may utilize their Industry Mentor or Faculty Advisor as resources, but may not enlist
the help of any other professionals in conducting research or writing the report. The research reports
and presentations should be prepared from the perspective of a sell-side or independent research
analyst. Teams can read existing research on the Subject Company, but all analysis should be their
own. They may not copy analysis from another source into their written reports or presentations.
The Subject Company will provide Teams with an informational session. The informational session may
be followed by a question and answer session during which time Teams can pose questions to the
Subject Company and the Subject Company may respond. Teams may send one follow-up email to the
Subject Company. When contacting the Subject Company, each Team must confine its contact to
those corporate officers who normally interact with investors, such as IR officers, CEOs or CFOs.
Teams may not contact the Subject Company for the purposes of the Challenge other than the
informational session, the question and answer session, and the one permitted follow-up email.
Teams may contact the Subject Companys customers, competitors, and suppliers in conducting
research, however, each Team Member must identify himself as a student and disclose his/her
participation in the CFA Institute Research Challenge.
Prior to contacting the Subject Company, its customers, competitors or suppliers, the Team must
submit its questions to the Faculty Advisor or Industry Mentor. The Faculty Advisor or Industry Mentor
must participate in each contact but only for the purpose of ensuring that no material non-public
information is discussed. Faculty Advisors and Industry Mentors are not permitted to ask any
questions or provide any opinions on the Subject Company. The Faculty Advisor or Industry Mentor
time will not count towards the maximum number of hours allotted for Faculty Advisor or Mentor
involvement.
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e) be written in English;
f) be prepared from the perspective of a sell-side or independent research analyst; and
g) be submitted to the Local level Host by the deadline established by the Host. The winning team
from each Local level must submit the Written Report to CFA Institute by the established
deadline.
2.6 Presentations
Each Team may make a Presentation of its findings to a panel of Judges. Teams may utilize their
Industry Mentor or Faculty Advisor as resources, but may not enlist the help of any other professionals
in preparing or evaluating the presentation. The Presentation can include the use of Powerpoint or
other presentation software. The students may not hand the judges any printed materials before/after
the Presentations but the Society should print out the Presentation slides for each Team and distribute
to the Judges before the Local Final.
Only Team Members may participate in the Presentation. The Presentation must be in English. The
Presentation is limited to 10 minutes, however, an additional 10 minutes will be provided to answer
questions posed by the Judges. Only Judges are permitted to pose questions to a Team during a
Presentation.
Each Presentation will be timed and the time-keeper will provide a one minute warning and an
announcement when time has expired. When the timekeeper announces that time has expired, Teams
must immediately conclude the Presentation.
Teams may not listen to other Presentations prior to their own Presentation. A separate room should
be reserved for Teams to wait before their allotted Presentation time. The Presentations will be judged
according to Attachment B.
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Graders will evaluate each Written Report using the Research Report Evaluation Form attached as
Attachment C. The Graders will be selected by the Local level Host. All Graders must be investment
professionals with experience in writing and reviewing research reports. Graders should be CFA
charterholders.
4.1 Selection
The Subject Company will be the subject of the Written Report and Presentation. The Local level Host
will select the Subject Company. The Subject Company may only participate with 1 Local level
competition.
4.2 Requirements
The Subject Company must:
a) be a publicly traded company;
b) have a market capitalization between US$300 million and US$10 billion;
c) provide an informational session to Teams which will be followed with a question and answer
session;
d) provide a response to one follow-up email sent by the Team;
e) treat all Teams equally and fairly; and
f) not present any information to the Teams that is not within the public domain.
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Judges and Graders must further disclose any close personal or professional relationship with Team
Members, Mentors or Faculty Advisors.
CFA Institute will not pay for taxis, rental cars, visa application fees, food and beverage (not provided
at a CFA Institute-sponsored function), baggage fees, and any other fees and expense not specifically
approved above.
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ATTACHMENT A
[Team Name] Student Research [Industry]
Earnings/Share
Mar. Jun. Sept. Dec. Year P/E
Ratio
2005A $0.00 $0.00 $0.00 $0.00 $0.00 0.0x
2006A 0.00 0.00 0.00 0.00 0.00 0.0
2007A 0.00 0.00 0.00 0.00 0.00 0.0
2008E 0.00 0.00 0.00 0.00 0.00 0.0
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Vivamus sit amet varius velit. Vivamus felis lorem, eleifend ac scelerisque et, aliquet nec massa. Etiam id
commodo tellus. Sed tortor magna, sodales sit amet vestibulum in, ultricies at est. Sed sagittis viverra ante, eu
euismod arcu accumsan sit amet. Etiam volutpat auctor turpis id rutrum.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Vivamus sit amet varius velit. Vivamus felis lorem, eleifend ac scelerisque et, aliquet nec massa. Etiam id
commodo tellus. Sed tortor magna, sodales sit amet vestibulum in, ultricies at est. Sed sagittis viverra ante, eu
euismod arcu accumsan sit amet. Etiam volutpat auctor turpis id rutrum.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum. Vivamus sit amet varius velit.
Vivamus felis lorem, eleifend ac scelerisque et, aliquet nec massa.
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Etiam id commodo tellus. Sed tortor magna, sodales sit amet vestibulum in, ultricies at est. Sed sagittis
viverra ante, eu euismod arcu accumsan sit amet. Etiam volutpat auctor turpis id rutrum. Maecenas convallis
aliquam pharetra. Duis elit odio, iaculis id fringilla ac, dapibus sed purus. Sed ornare consectetur nibh eu
fermentum. Quisque quis elit justo, non pulvinar quam.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Financial Analysis
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varius velit. Duis at purus felis. Duis vitae turpis enim. Phasellus tincidunt augue vel urna cursus et iaculis dui
commodo. In et nisi venenatis ipsum tempus tristique sed sed tortor.
Earnings
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varius velit. Duis at purus felis. Duis vitae turpis enim. Phasellus tincidunt augue vel urna cursus et iaculis dui
commodo. In et nisi venenatis ipsum tempus tristique sed sed tortor.
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Cash Flow
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varius velit. Duis at purus felis. Duis vitae turpis enim. Phasellus tincidunt augue vel urna cursus et iaculis dui
commodo. In et nisi venenatis ipsum tempus tristique sed sed tortor.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Investment Risks
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varius velit. Duis at purus felis. Duis vitae turpis enim. Phasellus tincidunt augue vel urna cursus et iaculis dui
commodo. In et nisi venenatis ipsum tempus tristique sed sed tortor.
Etiam non libero eu lacus commodo congue sit amet ac lectus. Etiam facilisis fermentum nisi ut eleifend.
Etiam vel augue ut leo elementum congue a sed arcu. Duis arcu dui, feugiat id egestas ac, tincidunt vel lacus.
Cras ultrices orci sed neque condimentum sed tristique orci fermentum.
Vivamus sit amet varius velit. Vivamus felis lorem, eleifend ac scelerisque et, aliquet nec massa. Etiam id
commodo tellus. Sed tortor magna, sodales sit amet vestibulum in, ultricies at est. Sed sagittis viverra ante, eu
euismod arcu accumsan sit amet. Etiam volutpat auctor turpis id rutrum.
Maecenas convallis aliquam pharetra. Duis elit odio, iaculis id fringilla ac, dapibus sed purus. Sed ornare
consectetur nibh eu fermentum. Quisque quis elit justo, non pulvinar quam. Quisque sit amet justo nisl, in
elementum odio. Phasellus magna ipsum, iaculis fringilla interdum eu, faucibus et lacus.
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Disclosures:
Ownership and material conflicts of interest:
The author(s), or a member of their household, of this report [holds/does not hold] a financial interest in the securities of this company.
The author(s), or a member of their household, of this report [knows/does not know] of the existence of any conflicts of interest that might bias the content or
publication of this report. [The conflict of interest is]
Receipt of compensation:
Compensation of the author(s) of this report is not based on investment banking revenue.
Position as a officer or director:
The author(s), or a member of their household, does [not] serves as an officer, director or advisory board member of the subject company.
Market making:
The author(s) does [not] act as a market maker in the subject companys securities.
Disclaimer:
The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but
the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness. The information is not intended to be used
as the basis of any investment decisions by any person or entity. This information does not constitute investment advice, nor is it an offer or a solicitation of
an offer to buy or sell any security. This report should not be considered to be a recommendation by any individual affiliated with [Society Name], CFA
Institute or the CFA Institute Research Challenge with regard to this companys stock.
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ATTACHMENT B
Team:
Judge:
Notes
Notes
Notes
Notes
Notes
Notes
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ATTACHMENT C
Team:
Judge:
Maximum
Section Points Comments
Business Description 5
Investment Summary 20
Valuation 20
Financial Analysis 20
Other Headings 5
Investment Risks 15
Total 100
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